Buy ICICI Bank; target of Rs 346: Khambatta Securities

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26 Aug, 2025 12:21

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Khambatta Securities' research report on ICICI Bank

ICICI Bank’s profit increased nearly 3 fold y-o-y to Rs 20.2 bn (Rs 7.0 bn) mainly on back of strong NII growth and retail fee growth. Bank reported higher slippages than expected mainly due to one of 1 cement company account (Rs 53.8 bn) as per RBI guidelines.

Outlook

Our valuation is based on sum-of-the-parts methodology. The valuation of ICICI Bank standalone is Rs 275/share based on 1.75x FY18E standalone ABV of and the valuation of subsidiaries is Rs 71/share. Consequently we arrive at target price of Rs 345/share per share, representing 14% upside. At CMP of Rs 303, we recommend “Strong Buy” for ICICI.

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